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tv   Asia Business Report  BBC News  January 23, 2018 1:30am-1:46am GMT

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the us government is set to re—open. democrats and republicans have struck a deal to approve a temporary funding deal. a once—top communist party leader in vietnam has been sentenced to 13 years in prison for corruption, the most senior politician to be convicted in decades. and this is one of the most read stories on bbc.com. one of the last remaining parts of the dead sea scrolls has been deciphered by researchers in israel. 60 tiny fragments were pieced together over a period of a year, identifying a festival marking the changes between seasons. plenty more on the bbc news website. that's all from me for now. stay with bbc news. and the top story here in the uk: the leader of ukip, henry bolton, has rejected calls to step down because of the row about racist texts sent by his ex—girlfriend. 12 seniorfigures have resigned from the party's front bench. now on bbc news, all the latest
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business news live from singapore. in his first trade move against asia, donald trump slabs tariffs on solar panels and washing machines and the indian prime minister narendra modi willjoin the world's political and business elite at davosin political and business elite at davos in switzerland this week, but what does he want out of this gathering? good morning, asia, hello, world, but i —— glad you could join us. he's talked about it for a while but as part of his america first trade policy us president donald trump has approved ta riffs president donald trump has approved tariffs on imported solar cells and large household washing machines. the move is expected to impact
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chinese and south korean manufacturers and is widely seen as the first trade move against asia. for more i'm joined by my colleague and business reporter timothy mcdonald. tim, this is a tough new trade policy from the trump administration. ina way administration. in a way it's not exactly a new policy, they are existing policies, but he's taking a tougher line. carrots have been imposed by administrations of both stripes, balmer slapped tariffs on chinese tires in 2009 —— tariffs —— 0bama. campaigned on this. in october last year he put tariffs on bombardier, a canadian era space company —— he campaigned on this. we might expect more of this as the trump administration progresses —— aerospace company. it is samsung and lg who are the two affected manufacturers from korea. whirlpool,
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aus manufacturers from korea. whirlpool, a us manufacturer, has been pushing the barrel on this one, saying they have lowered prices to such an extent that they simply can't compete and really this amounts to an unfairtrade compete and really this amounts to an unfair trade practice. of course it will be the us consumer paying it because tariffs just end up in the pricetag and lg and samsung say they are starting manufacturing in the us and this is counter—productive. solar panels, why is that such a major issue for americans? it is a big issue because of china, they have really pursued solar aggressively and there's a big problem with appellation over there and they want to do something about it. -- air and they want to do something about it. —— air pollution. in the process of kickstarting the solar industry, it has to be said it has worked, it's gone to 6% to 70% of the global
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industry in a decade, they have managed to push our us manufacturers. there's great concern among us manufacturers. the bottom line is the us manufacturers have to make prices more competitive to compete with the chinese and south koreans. thanks for that update, my colleague and business reporter timothy mcdonald. the president's move comes as thousands of government and business leaders gather in the small swiss town of davos for the world economic forum. president trump is making an appearance for the first in almost two decades where a sitting us president will attend the event. sally bundock explains. it isa sally bundock explains. it is a gathering of the global elite in the swiss alpine resort of davos, encouraging globalisation, trade and integration. 3000 delegates are going from more
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than 100 countries, including leaders from politics, business and even royalty. india's narendra modi, britain's theresa may and donald trump of the us all making an appearance. he's a president who is championed america first, challenging the very concept of free trade and globalisation —— who has. a powerful audience for him who have paid top dollar to attend. business leaders including the likes of chinese entrepreneurjack facebook‘s sam bird and ibm's ginny roma teague to namejust a bird and ibm's ginny roma teague to name just a few. it's notjust about dealmaking, gender equality is a big theme this year. 0nly dealmaking, gender equality is a big theme this year. only 21% of davos delegates are women. there are high profile campaigns under way notjust to tackle sexual harassment in the workplace but also to bring an end
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to unfair pay. davos is often criticised as being a talking shop for the world's elite, so the big question is, can it bring about any lasting change? as sally mentioned in that report from asia, the highest profile attendee is narendra modi, the indian prime minister, it's his first time at the elite gathering and the first visit by an indian leader in more than two decades. for more on what india will look to get out of this summit i am joined from them by by our business reporter. what is mr modi expected to say in this world economic forum? well, rico, before leaving yesterday on monday, prime minister and the renderer modi said he wanted to share his vision to the international community for india's position, india's ability to do things in the future. he's pitching for india to be an engine of global
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growth and he is going to be explaining his reforms back home. he will do that in a number of ways apart from addressing the opening session. he will meet members of the international business council and he is also meeting a lot of indian ceos and he's hosting a dinnerfor global ceos. it's notjust his economics he will be pitching for, he is taking soft power with him. his delegation will offer yoga on the ski slopes, it's the latest high—profile attempt by india to showcase its traditions back home. that's what i'm looking forward to, y°93 that's what i'm looking forward to, yoga on the ski slopes! he's the first indian leader in 20 yea rs he's the first indian leader in 20 years to attend the world economic forum, why so? the last prime minister to attend was in 1997. since then the indian economy has doubled, it's now the seventh largest economy in the world and this is all part of modi's election
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campaign and his mandate as prime minister. he has really prioritised international trips, he wants to pitch india has a global player, a place to do business, a place open to do business so he wants to attract foreign investment and he is using this summit in particular to do that. thanks for updating us and looking forward to narendra modi's speech. prospects for the global economy are looking brighter according to the imf, it has upgraded its forecast for the global economy for this year to 3.9% thanks to strong performances in europe and asia. tax reforms in the us are expected to stimulate economic activity, especially business investment but the head of the imf, christine lagarde, warns many will not benefit from this growth. there are still too many people who are there are still too many people who a re left there are still too many people who are left out of that recovery and acceleration of growth. in fact,
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about one fifth of emerging and developing countries, one fifth of emerging and developing countries, saw their per capita income decline in 2017. christine lagarde from the international monetary fund. the us government shutdown is over at least for now. shares surging on the news wall street's main indices hitting record closing highs, the dow up by 0.5% and the nasdaq gaining 72. the senate has struck an agreement to keep the government funded until the eighth of february. i asked our business reporter in new york samira hussain if there was an impact on the economy. it was such a short time period, meaning the cost to the economy in the us will be negligible. lots of us agencies had funding to allow them to extend days of work by at least a week. the real impact would
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have been minimal, especially if you compare it to the last shutdown we saw in the us in 2013, it lasted a bit longer and there were many more federal employees that were furloughed and that have a greater impact on the overall gdp. it was estimated 0.3% of an impact to the economic impact was made. is there any guarantee we won't be in the same situation in a few weeks? that's the big question. they are now funding until february the eighth but what we need to see 110w the eighth but what we need to see now is some sort of immigration reform. there's been a promise made by the republicans to the democrats that say the issue will be resolved but it will be a tough slog. staying with the us and netflix shares surged overnight after delivering strong results for the last three months of last year. profitability up but what pleased investors was solid subscriber numbers. be added over 8 million in that quarter, more than wall street
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expected and came after the release of acclaimed shows like stranger things and the crown —— they added. their market capitalisation has now crossed 100 billion us dollars. a quick look at the markets and asia is being boosted after those record closes on wall street overnight. the nikkei is up by 180 points, the hang seng 212 and the ordinary is, 107. thank you so much for investing your time with us, i'm rico hizon, sport todayis time with us, i'm rico hizon, sport today is coming up next. —— the all 0rdinaries. the top stories this hour: the us congress has agreed a three—week deal on the federal budget to allow government to reopen. a former communist party official in vietnam has been sentenced to 13 years in prison for corruption, the most senior politician to be jailed in decades. the trial has started of a man accused of driving a van into a group of muslim worshippers outside a mosque in north london. darren 0sborne, who's a8, denies the murder of makram ali
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and attempting to kill nine others. the prosecution says he was trying to kill as many people as possible in an act of terrorism, as our home affairs correspondent daniel sandford reports. the pandemonium on a summer night in north london after a large box van smashed into a crowd of worshippers at speed, leaving them strewn across the pavement, some with life—changing injuries. and leaving 51—year—old makram ali dead. today, his family were at woolwich crown court to watch as 48—year—old darren 0sborne from cardiff went on trial. jonathan rees qc for the prosecution said 0sborne had deliberately driven into a group of muslims, trying to kill as many as possible. the prosecution say darren 0sborne became enraged after a bbc drama about sexual abuse by pakistani men in rochdale, and by the attacks on london and manchester.
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his partner said he was a ticking time bomb who followed on twitter tommy robinson, the founder of the far right group the edl. the day before the attack he hired a large van. that saturday evening darren 0sborne came here to his local pub, the hollybush, and the prosecution say that witnesses remember him writing on a piece of paper, and then becoming increasingly loud and abusive about muslims. the prosecution say that after the attack a misspelled note was found in the cab of the van 0sborne hired. part of it reads: the prosecution say that this pro—palestinian march may have been darren 0sborne's original target,
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but when that didn't prove viable he instead started looking for mosques. their case is that it was an act of terrorism designed to intimidate the muslim community. daniel sandford, bbc news. time now for all the sports news in sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: 0ne of the most high—profile swaps of all time. look at these brilliant pictures. it is like swansea have won the premier league, but they are just as happy after beating liverpool. and an injured and tired novak djokovic says he will hold an inquest with his team
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after being knocked out of the australian open. hi there, wherever you are around the world. welcome to sport today. alexis sanchez says he is thrilled to bejoining the biggest club in the world, as he moved to manchester united from arsenal in a swap deal with henrikh mkhitaryan. the chile striker has signed a [ls—year contract that will make him the highest—paid player in the premier league. he will be on a pre—tax salary of around £500,000, that is around $700,000, a week. 0ur sports editor dan roan has more. it is talent like this that has persuaded manchester united to make alexis sanchez the best—paid player in premier league history. the striker remarkably set to earn a report £500,000 a week after his protracted transfer from arsenal was finally completed. more akin to a movie trailer than a signing announcement,

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